Property Types Seniors Housing
Jan 9, 2009
Ventas Inc. has closed on the $58 million sale of four seniors housing assets to affiliates of Benchmark Assisted Living. The assets are located in Massachusetts and contain 403 units. Prior to the sale, Benchmark was the tenant in these four seniors housing assets. Ventas expects to record a gain of approximately $11 million on the sale. Net cash proceeds to Ventas of $20 million will be used to pay down debt or for general corporate purposes. Benchmark assumed $38.8 million of existing mortgage debt in the transaction.
Ventas Inc. has closed on the $58 million sale of four seniors housing assets to affiliates of Benchmark Assisted Living. The assets are located in Massachusetts and contain 403 units. Prior to the sale, Benchmark was the tenant in these four seniors housing assets. Ventas expects to record a gain of approximately $11 million on the sale. Net cash proceeds to Ventas of $20 million will be used to pay down debt or for general corporate purposes. Benchmark assumed $38.8 million of existing mortgage debt in the transaction.
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